From the community

DirectID Launch Collections & Recoveries Solution

July 28, 2020 | FinTech

Content provided by DirectID

DirectID
DirectID Launch Collections & Recoveries Solution

Collections & Recoveries Product to Assist both Collection’s Agents and their Customers.

collections and recoveries

 

Edinburgh, Scotland– Global FinTech,DirectIDhas today announced the launch of its Collections & Recoveries solution.

Working with some of the UK’s leading banks, lenders and debt collections agencies,DirectIDhas built a solution that will simplify and streamline the collections process for bothcollections'agents and their customers. 

Using bank data, collections agents will have an up-to-date and accurate view of customer’s financial statement and an assessment on their disposable income, and thus, how much they can afford to repay. 

The Collections & Recoveries product combinesDirectID’scategorisationengine with the categories defined within the Standard Financial Statement. 

For individuals who have built up large amounts of debt, it removes a lot of the stress and uncertainty. The use of bank data negates the need for them to supply lots of details around financial commitments with existing creditors. 

Currently, collections agents can spend a large volume of time with a customer assessing how much income they have, and what their discretionary and non-discretionary spend looks like. This process is also prone to customer error, downplay spend, or deliberately mislead,in an attempt tokeep repayments low. 

DirectID’sproduct circumvents theoften unpleasantcollections process from a period of weeks to just minutes.

Collections & Recoveries uses an individual’s bank data to help lenders streamline the collections process. This supplies the lender with an up-to-date and accurate view of an individual’s debt commitments and subsequently their capacity to repay debt.

DirectID’sCollections & Recoveries solution identifies income streams; expenditure; insight into a customer’s profile; including discretionary and non-discretionary; andsummarisespayments to lenders.

JamesVarga, CEO ofDirectID, said:

I am immensely proud to be today launching our new Collections & Recoveries solution. This is an extremely important proposition which will help both collections agents and their customers, during which can be a difficult process.

With the launch of this product, and because of the impact of bank data, DirectID now covers the whole customer lifecycle, from onboarding, portfolio management, and now Collections & Recoveries.

The launch of DirectID’s Collections & Recoveries product marks an important step for DirectID, as we not only launch our first product of this year, but the first of several that we have completed, or are near to completion. Now that we can cover the whole product lifecycle with bank data, we are in a position to work with businesses across industry, and differing needs and challenges."

More in FinTech

Revolut launches in Australia
FinTech
August 11, 2020

Revolut launches in Australia

FinTech Alliance company Revolut has launched its card and app in Australia today. In Brief:...

Curve applies for £10mn BCR funding
FinTech
August 11, 2020

Curve applies for £10mn BCR funding

FinTech Alliance company Curve has applied for £10mn from the Banking Competition Remedies Fun...

Cashback FinTech Tail acquired by London incubator
FinTech
August 10, 2020

Cashback FinTech Tail acquired by London incubator

Tail has been acquired by Quantum Group, a FinTech incubator. In Brief: Tail provides ca...

FinTech
July 29, 2020

Unleashing the potential of FinTech in banking

The FinTech industry attracted over US$13.1b in VC-backed investments in 2016, about five times...

FinTech
May 27, 2020

West Midlands FinTech Ecosystem Report 2020

This report focuses primarily on the activity in the geographical area covered by the West Midlands...

FinTech
May 27, 2020

Fintech Banking Spotlight on Capital Structure

Fintech Sector: Capital Structure Observations • As the global economy starts to digest the...

Tech for Growth: Overcoming Barriers to Scale in Emerging Markets

Tech for Growth: Overcoming Barriers to Scale in Emerging Markets

When: Aug 13th, 2020
Where: Webinar, London , UK
Price: FREE
FinTech North Manchester Vulnerable Customers Forum

FinTech North Manchester Vulnerable Customers Forum

When: Sep 18th, 2020
Where: Webinar, London , UK
Price: FREE
FinTECH4Life

FinTECH4Life

When: Nov 16th - Nov 17th, 2020
Where: The Brewery, London
Price: £999